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Data from last week indicate a shift in capital flows toward a short-term “risk-on” stance, with equity exchange-traded funds (ETFs) drawing strong net inflows globally while money moved away from defensive positioning into risk assets. U.S. equities extend gains amid ceasefire The U.S. stock market continued its upward momentum into…
Charles Schwab President and CEO Rick Wurster said the firm will likely support prediction markets, while drawing a clear line between wagers tied to financial events and speculation tied to pop culture, politics, or sports. Separately, Schwab said it plans to roll out access to trading Bitcoin and Ethereum in the coming weeks.
Speaking during the company’s first-quarter earnings call on Thursday, Wurster said, “At some point, we will likely have prediction markets,” adding that the firm views wagers on financial events as distinct from topics such as sports, politics, and pop culture.
Wurster also indicated that prediction markets are not a top priority for Schwab. “It’s not at the top of our clients’ list,” he said, citing concerns about outcomes for participants: “And if you look at the stats on the success of gamblers, they're not strong and people generally lose money.”
Schwab’s comments come as exchange operators prepare to launch event contracts tied to financial events using traditional market infrastructure. Cboe Global Markets has been preparing to debut event contracts, and Nasdaq filed with the SEC last month to offer options contracts for yes-or-no bets on whether a specified event happens.
Wurster said Schwab would review such offerings. “That’s something certainly we will take a hard look at and then will be quite straightforward for us to offer,” he said, adding: “When we do, we'll stay away from gambling.”
When asked whether Schwab would use Polymarket or Kalshi, a spokesperson said the company has nothing to share beyond Wurster’s comments at this time.
Schwab also said Thursday that it plans to roll out access to trading Bitcoin and Ethereum in the coming weeks. The firm said its fees are “among the lowest in the industry,” at a rate of 0.75% per trade.
The company said it intends to expand its crypto offering over time by adding features familiar to users of other retail-focused platforms. Schwab cited capabilities including the ability to deposit and withdraw digital assets, along with an expansion of the tokens it supports.
Schwab reported having $11.8 trillion in total client assets. The company also said it notched a record 9.9 million trades in the first quarter.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
